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Real Estate 2017

This article contains a podcast which takes a look at real estate 2017 in Mississauga and surroundings. There is a review of sales activity and prices in 2016, plus a look forward to what to expect in 2017.

Update: the Toronto Real Estate Board reported 5,188 residential transactions through the MLS system in January 2017. This was an increase of 11.8% per cent compared to the 4,640 sales that were reported in January 2016. Condos showed a higher sales growth than low-rise homes.

January 2017 was basically an extension of 2016. Sales increased on a year-over-year basis while new listings was down dramatically for most major home types.

It’s pretty clear that owning a home continues to be a great investment and remains very important to many households in Canada. As we move forward through 2017, we expect the demand for ownership housing to remain strong, including demand from first-time buyers who, according to recent surveys, could account for more than half of transactions this year. Many of these potential buyers will have problems finding a home that meets their needs in a market with an extreme shortage of inventory for sale. Prices are at record highs. In the last twelve months, the average selling price of all housing types was up by 22.3 per cent to $770,745, with dramatic increases in the average prices for all major home types.

Biggest problem for the industry – the number of active listings on the MLS system at the end of January was essentially half of what was reported as available at the same time last year. That statistic, on its own, tells us that there is a serious demand and supply imbalance in the Greater Toronto area: a problem that we expect will continue throughout in 2017. The end result will be strong price increases for all home types again this year.

So can we expect the great boom in Canadian real estate to continue? Find out here:

Questions: with prices up a staggering 22.3% per cent in 2016, can the bull market continue? How much higher can house prices go in Toronto, where the average price for a detached home is now over $1 million dollars? Will interest rates rise? What about world politics – will they affect the local Canadian market? What about condos? Just a few questions to consider.

portions of this report first appeared in the Toronto Real Estate Board Market Watch publication

Market Predictions for Mississauga – Bull Market Continues

The local Canadian real estate market for 2015 performed exceedingly well, and ended up being the second best year in history. We review the City of Mississauga, a large and diverse suburb of some 760,000 people, located just west of Toronto, and provide a forecast for 2016.

Mississauga is a relatively new area abutting the western edge of Toronto. The City of Mississauga was in fact only created in the 1970’s, when several small villages were incorporated into a new amalgamation. Since that time, Mississauga has grown tremendously, and has become a magnet for people from all over the world, due to its attractive lifestyle, dynamic economy, and welcoming diversity. The real estate market has mirrored that success. During 2015, the market rose 9.5% in prices for freehold properties – i.e. detached properties, semi-detached homes, and freehold townhomes. The condo market, specifically centered around the Square One shopping mall in Mississauga, showed a 6.5% percent increase, still a very substantial rise when you take into account the flood of new condo construction in the area.

Continuing 2015’s Success into 2016

Early signs point to a continuation of last year’s impressive market due to three factors:

Local Sutton Group realtor Randy Selzer provides an explanation of the principles at play here:

There is reason to believe that the three pillars that he talks about are as good an explanation as any, when attempting to understand the strength in the local market. What began as a cyclical bull market in 1996, has surpassed even the most positive market predictions of industry observers, as the real estate market goes from strength to strength. Canada seems to be a magnet for immigration, in spite of its climate, and local real estate markets have benefited from that popularity. Local pundits, having watched the dust settle on 2015, are looking ahead, and they like what they see.

Record June Sales and Higher Prices in Toronto

Real estate agents in the Greater Toronto Area reported 11,992 firm sales through the Toronto Real Estate Board’s MLS system in June,
2015. The June sales numbers reported represent a new record for the month of June for any year, and an 18.4 per cent increase over results in June, 2014.
The Greater Toronto area continues its strong economic growth with several factors contributing to a robust market in the many diverse local economic, ethnic and cultural bases that exist here. The GTA continues to receive worldwide acclaim as one of the best places to live and do business. As the population continues to grow, many people are taking advantage of the options that exist for home ownership in the area.

Average Sale Price up 12.3%

June sales prices were up strongly on a year over year basis in June, for all categories of housing types. The TREB MLS Home Price Benchmark increased by 8.9% per cent compared to June 2014. The average sale price increased by 12.3% per cent over the same period to$639,184.
Higher priced homes have accounted for a greater share of the total transactions in 2015 compared to last year. This is one of the primary reasons why the average selling price has increased at a
higher yearly rate than the MLS Composite Benchmark.
New listings edged upward a bit during 2015, as homeowners took notice of the incredibly strong growth in real estate prices, and are beginning to take advantage of large equity increases in their homes. Nevertheless, the June sales show that the yearly rate of sales growth continues to far exceed the overall growth in listings, meaning that there is still an imbalance with many willing and able buyers in the market who will continue to have difficulties finding a home that suits their preferences. As long as this imbalance in supply and demand continues, house prices will continue to edge ever higher.

From stunning lakefront views to great shopping, as well as top notch schools and golf courses, the Toronto suburb of Mississauga offers something for local residents and visitors alike. In 2011 Canadian Money Magazine voted Mississauga as one of the 10 best cities to live in, and it was also ranked as one of Canada’s fastest growing cities just before that.

Mississauga condo

Mississauga has more than doubled in population over the past decade, and the property market has reflected that growth. While areas outside of the GTA have have experienced moderate growth and price appreciation, Mississauga real estate has enjoyed rapid sales, with bidding wars not uncommon. Canada’s stability and its relatively good economic performance has been a magnet for people from all corners of the planet, and today, Mississauga is one of the most multicultural cities anywhere. For anyone planning to make a change and relocate to one of the greatest cities in Canada, Mississauga provides a complete array of amenities, as well as plenty of terrific fine dining and shopping choices. Big city appeal and small town friendship are felt throughout Mississauga, making this a great location to call your new home. Perhaps the biggest centre of activity for shopping is the Square One Shopping mall, which is currently undergoing an extensive expansion.

There are many areas in the city which provide a superior combination of lifestyle and affordability. Erin Mills, for example, was one of Canada’s original master planned communities, and today offers a wide assortment of housing types to suit any budget. For example, today you can find townhomes priced from $350,000, which these days is good value and a terrific opportunity in the pricey Greater Toronto area. At the other end of the price scale, in the Lorne Park subdivision, there are multi-million dollar estate homes bordered by lush greenery, with dense forests, well designed parks, and much more in the area. In the community of Clarkson, there are beautiful, affordable 3 and 4 bedroom semi-detached homes with 3 baths awaiting your family, many with yards big enough large families, and pets. With lovely flora as well as fauna bordering many of the homes south of the QEW highway, you are simply minutes from the lake, as well as close to shopping.

Mississauga Square One Condos

In the Square One area, condo apartments abound, and you can find nice ones on the MLS starting at around $250,000 list price. With the twinkling lights of Toronto in the distance, and with Lake Ontario as a backdrop for many of these 1, 2, and 3 bedroom condos, high rise living in the Square One area has become the choice for thousands of today’s home buyers.

In newer areas of Mississauga such as Churchill Meadows, homes that are less than 10 years old can be found – fully detached, semi-detached, freehold and condominium townhouses are all available.

Small Town Flair, Big Town Festivities

Parts of Mississauga still have some of their original small town flavor, especially in the historic areas such as Port Credit and Streetsville. Local festivals celebrate city life during spring, summer, and fall, and Celebration Square in the Mississauga town centre has a constant stream of events throughout the summer months, with a very popular skating rink in the winter. The real estate market here offers so many choices, no matter what your preferred lifestyle is, and the local people are a happy lot. With Mississauga property offering great value for the price, why not find a home to call your own today?